Declining Canadian core retail sales bullish for USDCAD
Technical Analysis Summary USD/CAD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Neutral | |
| MA(200) | Buy | |
| Parabolic SAR | Buy | |
| Fractals | Sell |
Chart Analysis
On 1-hour timeframe USDCAD: H1 is retracing higher above the 200-period moving average MA(200) which is rising itself. These are bullish developments. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.4429. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.4148. After placing the order, the stop loss is to be moved to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of -
Canadian core retail sales declined in January. Will the USDCAD resume climbing?
Canadian core retail sales declined 0.1% over month in January after 0.5% growth in December, when a 0.2% growth was expected. This is bullish for USDCAD.